Company name
Banco de América Central, S.A. El Salvador
Project number
12824-02
FI-3 operations are those where the risk potential is considered low: the FI’s current or future portfolio consists of financial exposure to business activities that predominantly have minimal or no adverse environmental and social impacts.
E&S category
FI-3
Country
El Salvador
Sector
Financial Institutions
Status
In implementation
Disclosed date
05/28/2020
Projected date at which a project will be put forward for the Board of Executive Directors’ approval.
Projected board date
06/29/2020
Approval date
07/13/2020
Signed date
08/25/2020
Sponsoring entity
N/A
Investment Operations Department Contact
Portfolio Management Division
Investment type
Syndicated amount
USD $ 60,450,000
Financing amount
USD $ 60,000,000
Currency
USD
Project scope and objective
The proposed financing consists of an unsecured senior loan denominated in U.S. dollars (“US$”) to Banco de América Central, S.A. (“BAC El Salvador” or “the Bank") of up to US$60 million, comprising: (i) an “A” loan from IDB Invest of up to US$40 million with a term of five years; and (ii) a loan from the China Co-financing Fund for Latin America and the Caribbean (“China Fund”) of up to US$20 million (the “Financing”) with the same term. The transaction will support the growth of BAC El Salvador’s “Mujer Acelera” program by providing financing to women led/owned small and medium-sized enterprises (“SMEs”). The project is additionally expected to include advisory services to strengthen the Mujer Acelera program, as well as to support this segment in adopting new operating procedures in the context of the COVID-19 crisis through training sessions, virtual advice, and financial support (provided BAC ES has analyzed these options).
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Contact information
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Request informationAlternatively, you may also use the following contact information :
Client Contact
rodrigo_menendez@baccredomatic.sv
PHONE NUMBER
N/A
POST OFFICE ADDRESS
IDB Invest Contact
requestinformation@idbinvest.org
PHONE
+1(202)-566-4566
ADDRESS
1350 New York Ave NW, Washington, DC 20005
COUNTRY OFFICES
IDB Invest Country OfficesIndividuals or communities can submit complaints and concerns related to environmental, social, or corporate governance issues to the Management Grievance Mechanism by e-mailing mgm@iadb.org or by calling +1 202 312 4040.
As a last resort, affected communities have access to the IDB Invest Independent Consultation and Investigation Mechanism by writing to mecanismo@iadb.org or MICI@iadb.org or calling +1(202) 623-3952.
IDB Invest has zero tolerance to reprisal or retaliation against anybody who voices its opinion or opposition to IDB Invest-financed projects.
For inquiries, comments and information requests about the project
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Environmental and social review
IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. For projects approved as of 2016, any gaps with respect to IDB Invest's Environmental and Social Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) presented below, to comply with the date mentioned above.
ENVIRONMENTAL AND SOCIAL REVIEW
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